Virginia Code 36-156.5: Selection of CDFI; Program requirements; guidelines for management of the Fund
A. The Department shall establish a Program to provide grants funding the construction, rehabilitation, equipment upgrades, or expansion of grocery stores, small food retailers, or innovative food retail projects in underserved communities. The Department shall select and work in collaboration with a CDFI to assist in administering the Program and carrying out the purposes of the Fund. The CDFI selected by the Department shall have (i) a statewide presence in Virginia, (ii) experience in food-based lending, (iii) a proven track record of leveraging private and philanthropic funding, and (iv) the capability to dedicate sufficient staff to manage the Program. Working with the selected CDFI, the Department shall establish monitoring and accountability mechanisms for projects receiving funding and shall report annually the number of projects funded; the geographic distribution of the projects; the costs of the Program; and the outcomes, including the number and type of jobs created, and health initiatives associated with the Program.
Terms Used In Virginia Code 36-156.5
- CDFI: means a community development financial institution that provides credit and financial services for underserved communities. See Virginia Code 36-156.3
- Department: means the Department of Agriculture and Consumer Services. See Virginia Code 36-156.3
- Fund: means the Virginia Food Access Investment Fund. See Virginia Code 36-156.3
- Funding: means loans, forgivable loans, and grants made from the Fund. See Virginia Code 36-156.3
- Program: means the Virginia Food Access Investment Program. See Virginia Code 36-156.3
B. The Program shall:
1. Identify food access projects that include grocery stores, small food retailers, and innovative food retail projects;
2. Provide grants for the purposes described in subsection A;
3. Require that grant recipients (i) accept expenditures of benefits provided under the supplemental nutrition assistance program in accordance with the federal Food Stamp Act (7 U.S.C. § 2011 et seq.) and (ii) participate in a program that matches or supplements the benefits identified in clause (i), such as Virginia Fresh Match;
4. Provide technical assistance; and
5. Bring together community partners to sustain the Program.
C. The Department shall develop guidelines to carry out the Program to meet the intent of the Fund. Up to 10 percent of the moneys in the Fund may be designated for the CDFI’s administrative and operations costs to assist in administering and managing the Program, unless those costs are provided for in other budgets or in-kind resources.